An Important Role of Inherent Risk Assessment During the Audit

question 47

Multiple Choice

An important role of inherent risk assessment during the audit process is the need to

• A)document the quality of the disaster recovery plan.
• B)attempt to predict where misstatements are most and least likely in the financial statement segments.
• C)train the audit staff to assess the integrity of management.
• D)increase the level of analytical review.

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Definitions:

CKO

Chief Knowledge Officer (CKO) is a corporate executive responsible for an organization's knowledge management, ensuring the company efficiently utilizes its collective knowledge and information.

Trade Secrets

Confidential information that provides a business with a competitive edge and is not disclosed to the public.

Supervisory Support

involves assistance, guidance, and resources provided by supervisors to their subordinates to facilitate job performance and career development.

Scientific Management

A theory of management that analyzes and synthesizes workflows, with the objective of improving economic efficiency and labor productivity.